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Research by Kenanga
Underperform – TP of MYR 0.74

“New “e-Power” Models no Saviour” 

The all-new CBU models of hybrid “e-Power” vehicles slated for launching from 2HFY24 will be no saviour to TCHONG, given a sea of competing new models in the market especially Chinese EVs with low entry-level price points. Its operations in Vietnam will continue to be loss-making due to low utilisation. We maintain our forecasts, TP of RM0.74 and UNDERPERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
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$KLSE-TCHONG 
Research by Kenanga
Underperform – TP of MYR 0.74

“New “e-Power” Models no Saviour” 

The all-new CBU models of hybrid “e-Power” vehicles slated for launching from 2HFY24 will be no saviour to TCHONG, given a sea of competing new models in the market especially Chinese EVs with low entry-level price points. Its operations in Vietnam will continue to be loss-making due to low utilisation. We maintain our forecasts, TP of RM0.74 and UNDERPERFORM call.

Analyst(s):
Wan Mustaqim Bin Wan Ab Aziz 
wanmustaqim@kenanga.com.my

$TCHONG / 4405 (TAN CHONG MOTOR HOLDINGS BERHAD)